Carifta Agreement

The Caribbean Free Trade Association (CARIFTA) agreement is a regional trade agreement that was signed on May 1, 1968, in Kingston, Jamaica. The agreement was established to promote economic integration among Caribbean countries, with the ultimate goal of creating a common market in the region.

Under the CARIFTA agreement, member countries agreed to eliminate tariffs and other trade barriers on goods produced within the region. This was seen as a crucial step towards increasing trade and economic growth in the Caribbean.

Over time, the CARIFTA agreement has undergone significant changes and revisions. In 1973, the agreement was amended to establish the Caribbean Community (CARICOM), which expanded the scope of regional integration beyond just trade. CARICOM now includes 15 member states, and its goals include promoting economic development, promoting social and cultural cooperation, and enhancing regional integration.

Despite these changes, the impact of the CARIFTA agreement on the Caribbean region cannot be overstated. The agreement has helped to spur economic growth, create jobs, and improve standards of living in member countries. It has also helped to foster greater cooperation between Caribbean nations, encouraging them to work together on issues of common concern.

However, the effectiveness of the CARIFTA agreement has been hampered by a number of factors. Some member countries have struggled to implement the necessary reforms to open up their economies to regional trade, while others have been reluctant to cede sovereignty to regional institutions like CARICOM.

Despite these challenges, the CARIFTA agreement remains an important symbol of regional cooperation and integration in the Caribbean. By working together, member countries can continue to build a more prosperous and united region for the benefit of all.